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← Animals In Science - Education Trust

2023-12-31-accounts

ANIMALS IN SCIENCE - EDUCATION TRUST

A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL

COMPANY NO. 6974374 (ENGLAND AND WALES)

REGISTERED CHARITY NO. 1133119

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] DECEMBER 2023

KING LOOSE & CO STATUTORY AUDITORS

ST JOHN'S HOUSE 5 SOUTH PARADE SUMMERTOWN OXFORD OX2 7JL

ANIMALS IN SCIENCE – EDUCATION TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] DECEMBER 2023

CONTENTS

Page

1.

2.

3.

4 - 6

7.

8.

Company Information

Directors’ and Trustees’ Report Statement of Trustees’ Responsibilities Auditors' Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements

1.

ANIMALS IN SCIENCE – EDUCATION TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST ] DECEMBER 2023

COMPANY INFORMATION



 Patron
Professor Sir Richard Gardner (from 1stJanuary 2024)
Directors and Trustees
Kenneth Applebee O.B.E. (Chair)
Karen Gardner
Professor Sir Richard Gardner (to 31stDecember 2023)
Jasmine Barley
Wendy Steel (Secretary)
Charles Chambers (Treasurer)
Allan Thornhill
Nicky Windows (appt 13thDecember 2023)
Chief Executive Officer
Kenneth Applebee O.B.E
Secretary
Wendy Steel
Company Number
6974374 (England and Wales)
Charity Number
1133119
Registered Office and
5 South Parade
Principal Place of
Summertown
Business
Oxford
OX2 7JL
Statutory Auditors
King Loose & Co
St John's House
5 South Parade
Summertown
Oxford OX2 7JL
Bankers
HSBC Bank
1-3 Bishopsgate
City of London
EC2N 3AQ

2.

ANIMALS IN SCIENCE – EDUCATION TRUST

DIRECTORS’ AND TRUSTEES’ REPORT

FOR THE YEAR ENDED 31[ST] DECEMBER 2023

The trustees present their annual report and financial statements of the charity for the year ended 31[st] December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s memorandum and articles of association, the Companies Act 2006, the Charities Act 2011, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland – Charities SORP (FRS 102); and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Structure, governance and management

Animals in Science-Education Trust was incorporated on 28[th] July 2009 as an incorporated charity limited by guarantee and is governed by a memorandum and articles of association.

New trustees are appointed by the existing trustees, at their discretion. All trustees participate in the day to day operations of the charity.

Objects, organisation and activities, including Public Benefit Statement

The charity is established to further the advancement of education and promotion of excellence in the welfare of animals in science.

The trust aims to:

In considering these aims and objects, the Trustees have reviewed the guidance issued by the Charity Commission in relation to public benefit, and consider that the public benefit test continues to be satisfied.

Legal and administrative details

All directors of the company are also trustees of the charity, and there are no other trustees. All of the trustees named on page 1 served during the period, or as otherwise noted. All other administrative details are as listed on page 1.

2a.

ANIMALS IN SCIENCE – EDUCATION TRUST

DIRECTORS’ AND TRUSTEES’ REPORT

FOR THE YEAR ENDED 31[ST] DECEMBER 2023

Trustees appointment and training

Trustees are appointed at the annual general meeting, usually held in late Spring. Nominations are put forward prior to the meeting, when the individual has confirmed their willingness to serve, and then formally proposed, seconded and voted upon at the meeting itself.

Induction of new Trustees is informal, mainly covered by word of mouth and attendance at meetings where policy decisions are taken, and matters of concern discussed. There is no specific training policy for new Trustees/Directors.

Grant making policy

The charity has established its policy for making grants and bursaries to achieve its objects for the public benefit.

The charity invites applications for grants and bursaries from individuals, or their partial sponsors, by advertising in the specialist press or industry publications, or on its website. Eligibility is restricted to applicants demonstrating an aptitude and commitment to the industry to ensure high quality results in vocational qualifications; these are the primary determinants of the awards and other factors such as nationality, ethnicity, gender, age, disability, sexual orientation and religion are not taken into account. An applicant’s financial circumstances are relevant only in determining the amount of any award.

During the 2023 year, the charity made a specific bursary to another charity – CLAST – to continue development of online training and educational modules, which development activity is one of the charity’s main objects.

Review of achievements and performance

The trustees are satisfied that the achievements and performance of the charity demonstrate good progress in these early years of activity.

Supporting students is the key element of the charity’s educational strategy – enhancing clinical, care and research expertise. The charity, through its awareness campaigns, lectures and events, is becoming increasingly successful in terms of the number of grants and bursaries awarded. The standard of applicants remains consistently high and thereby the approval rate for awards.

Future plans

The charity hopes to build upon these initial periods of activity, to continue to enhance and improve its educational services in accordance with the objects given on page 2.

Tangible fixed assets for use by the charity

The trust does not yet own any fixed assets.

2b.

ANIMALS IN SCIENCE – EDUCATION TRUST

DIRECTORS’ AND TRUSTEES’ REPORT

FOR THE YEAR ENDED 31[ST] DECEMBER 2023

Finances and reserves policy

The attached financial statements show the current state of the finances which the Trustees consider to be sound.

There have been no significant events that have impacted on either the financial performance of the charity during the year, nor its financial position at the end of the year.

It is the policy of the charity to build up sufficient unrestricted funds, which are the free reserves of the charity, to a level which will equate to approximately six months budgeted unrestricted expenditure. This will provide sufficient funds to cover the ongoing promotion of the charity’s objects, together with the associated support and administration costs. The charity’s reserves at the year end date of £57,210 are considered to be in line with this policy.

Investment policy

Investments are held in short to medium term bank deposit accounts in order to provide flexibility and ease of access. The highest available rate of interest is actively pursued, but this is dependent upon the capital sum available to be invested and the overriding requirement of accessibility. The investment objective is to maintain the purchasing power of the monies until they are required to satisfy the grant making process.

Risk management

The trustees have examined the major strategic, business and operational risks which the charity faces or may face, and confirm that systems are in place to enable regular reports to be produced, so that the necessary steps can be taken to lessen any such risks.

The principal risks faced by the charity lie in the continuity of support from the industry and operational risk from ineffective grant/bursary making.

Continuing support from the industry appears strong and provides sustainable income streams from which awards are then made. The operational risk concerning the effectiveness of grants and bursary expenditure is managed by firstly retaining trustees of sufficient skill and experience in the industry, and secondly through the quality of the institutions and the individuals supported.

2c.

ANIMALS IN SCIENCE – EDUCATION TRUST

DIRECTORS’ AND TRUSTEES’ REPORT

FOR THE YEAR ENDED 31[ST] DECEMBER 2023

Statement of Information to Auditors

So far as each of the directors/trustees serving at the time this Report is approved are aware:

A resolution will be put to the members at the forthcoming Annual General Meeting, appointing Messrs King Loose & Co as auditors for the coming year.

Small Company Provisions

This report has been prepared in accordance with the Small Companies’ regime of the Companies Act 2006.

Approval

This report was approved by the board of directors and trustees on ……………………………2024, and signed on its behalf by:

………………………………….…

Kenneth Applebee O.B.E. (Chair)

3.

ANIMALS IN SCIENCE – EDUCATION TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31[ST] DECEMBER 2023

The trustees are required by law to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity, and of its results for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity, and to enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011 and the applicable Charities SORP. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

By order of the board of directors and trustees

……………………………………… Kenneth Applebee O.B.E. (Chair)

4.

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF

ANIMALS IN SCIENCE – EDUCATION TRUST

FOR THE YEAR ENDED 31[ST] DECEMBER 2023

Opinion

We have audited the financial statements of Animals in Science – Education Trust (the “Charity”), for the year ended 31[st] December 2023, which comprise the statement of financial activities and summary income and expenditure account, the balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors'/trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least 12 months from the date that the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors/ trustees with regard to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

5.

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF

ANIMALS IN SCIENCE – EDUCATION TRUST

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out on page 3, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

The trustees have elected for the financial statements to be audited in accordance with the Charities Act 2011 rather than the Companies Act 2006. Accordingly, we have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the entity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

6.

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF

ANIMALS IN SCIENCE – EDUCATION TRUST

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor’s report.

This report is made solely to the Charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

St John’s House 5 South Parade Summertown Oxford OX2 7JL

King Loose & Co Statutory Auditors

King Loose & Co is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006.

7.

ANIMALS IN SCIENCE – EDUCATION TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31[ST] DECEMBER 2023

SUMMARY INCOME AND EXPENDITURE ACCOUNT

Income and endowments from
Donations and Legacies
Other activities
Events Income
Educational Support Services
Income from Investments
Total income and endowments
Expenditure on
Charitable Activities
Bursary and grant support given
Costs incurred in furtherance of
the Charity’s activities
Total expenditure
Net income for the period
and net movement in funds
Fund balances brought forward
Fund balances carried forward		 Note
2
3
4
5		 Unrestricted
Funds
2023
£
27,154
300
-
45
_

27,499
_______

12,491
12,830
_

25,321
_______

2,178
55,032
_
_
57,210
=======
=		 Total
Funds
2023
£
27,154
300
-
45
__
27,499
_
12,491
12,830

25,321

2,178
55,032
___
57,210
=====		 Unrestricted
Funds
2022
£
26,311
282
-
4
_

26,597
_______

3,907
12,562
_

16,469
_______

10,128
44,904
_
_
55,032
======
=		 Total
Funds		 Total




_
==



_
=
2022
£
26,311
282
-
4
__
26,597
_
3,907
12,562

16,469

10,128
44,904
___
55,032
=====

There were no other recognised gains or losses in respect of 2023 and 2022 other than those reflected in the statement of financial activities.

The notes on pages 9 to 13 form part of these accounts.

8.

ANIMALS IN SCIENCE – EDUCATION TRUST

COMPANY NUMBER 6974374

BALANCE SHEET AS AT 31[ST] DECEMBER 2023

Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling
due within one year
Net current assets
Total assets less current liabilities,
being net assets
Represented by:
Unrestricted income funds		 Note
£
8
881
58,435
__
59,316
9
2,106
_____
12		 2023
£
£
1,374
55,481
__
56,855
1,823
_
57,210
_____
57,210
=======
57,210
=======		 2022
£
55,032
_
55,032
======
55,032
======

The directors are satisfied that the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 and that members have not required an audit in accordance with Section 476. However, an audit is required in accordance with Section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for:-

  1. ensuring that the company keeps accounting records which comply with Section 386 of the Companies Act 2006; and

  2. preparing accounts which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of Section 396 Companies Act 2006 and which otherwise comply with the requirements of this Act relating to accounts, so far as applicable to the charitable company.

These accounts have been prepared in accordance with the provisions applicable to companies subject to small companies’ regime.

Approved by the board of directors and trustees on …………………………… 2024, and signed on its behalf by:

………………………………………

Charles Chambers

……………………………………… Kenneth Applebee O.B.E.

The notes on pages 9 to 13 form part of the accounts.

9.

ANIMALS IN SCIENCE – EDUCATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] DECEMBER 2023

1. Accounting policies

(a) General Information

These financial statements have been presented in Pounds Sterling as this is the currency of the primary economic environment in which the Company operates.

(b) Basis of preparation

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – Charities SORP (FRS 102); and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102); the Charities Act 2011 and the Companies Act 2006.

The trust constitutes a public benefit entity as defined by FRS 102.

The charity has taken advantage of the exemption to prepare a cash flow statement, as contained in Financial Reporting Standard 1, on the grounds that it is a small charity.

(c) Activities

The financial statements include the results of the charity's operations as described in the directors’ and trustees’ report. The Charity has one activity only.

(d) Income recognition

Income of all kinds is accounted for when receivable, i.e. in the period in which the charity is entitled to receipt, it is probable that the income will be received and the amount of income receivable can be measured reliably.

No endowments have been received in the period.

(e) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be reliably measured.

Expenditure is included on an accruals basis and has been classified under headings that aggregate all costs related to the category.

All core cost categories are regarded as being of a support nature to the Charity’s principal activity, as described in the Annual Report. It is anticipated that any future specific projects will be covered by restricted funds – i.e. funds raised specifically for that project.

10.

ANIMALS IN SCIENCE – EDUCATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] DECEMBER 2023

1. Accounting policies cont’d

(f) Grants payable

Grants payable, including bursaries, are payments made to third parties in the furtherance of the charity’s objects. In the case of unconditional grant or bursary offers, these are accrued once the recipient has been notified of the award. Conditional grants or bursaries are only accrued when the conditions have been fulfilled and the recipient notified.

No multi-year grants or bursaries are made, but applicants may apply more than once.

(g) Value added tax

Value added tax is not recoverable by the Charity, and as such is included in the relevant costs in the statement of financial activities.

(h) Financial Assets – Classified as Basic Financial Instruments

Cash and cash equivalents include cash in hand, deposits held with banks, and other short term highly liquid investments with original maturities of three months or less.

Trade and other receivables that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment.

iii)Trade and other payables

Trade and other payables that are payable within one year are measured at the undiscounted amount of the cash expected to be paid.

(i) Fund accounting

Unrestricted funds comprise those funds which the trustees are free to use in accordance with the objects of the charity, as defined in the constitution.

All of the charity’s assets are currently represented by unrestricted funds.

(j) Volunteers

The value of services provided by volunteers is not incorporated into these financial statements.

11.

ANIMALS IN SCIENCE – EDUCATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] DECEMBER 2023

1. Accounting policies cont’d

(k) Donated services

Where services are provided to the charity as a donation that normally would be purchased from suppliers, this contribution is included in the financial statements at an estimate based on the value of the contribution to the charity. Donated services are analysed in note 2.

(l)

Going Concern

The financial statements have been prepared on a going concern basis.

The current economic conditions present increased risks for all businesses. In response to such conditions, the directors/trustees have carefully considered these risks, together with an assessment of uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements.

The directors/trustees have concluded that the going concern basis remains appropriate.

2. Donations and legacies
Unrestricted/Total Funds
2023
2022
£
£
Donated Services
8,286
8,100
Donations and Sponsorships
18,868
18,211
__
____
27,154
26,311
======
======

The charity is indebted to the Institute of Animal Technology for donations, and for providing advertising space in the IAT Bulletin on a regular basis, free of charge (shown as part of the costs recognised as incurred in furtherance of the charity’s activities). The value placed on this advertising contribution by the Trustees is £8,000. The income equivalent is recognised within incoming resources as above, and the equivalent charges included within costs.

3. Bursary and Grant Support

Predominantly bursaries and grants are paid to individuals, or directly to educational establishments on their behalf.

12.

ANIMALS IN SCIENCE – EDUCATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] DECEMBER 2023

4. Costs Incurred in Furtherance of the Charity’s Activities

Total Funds Total Funds
2023 2022
£ £
Advertising, website and awareness campaign 10,535 10,326
Administration Costs 302 570
Auditors Remuneration - Audit 780 720
- Accountancy etc 1,001 827
Trustees Travel Expenses 212 119
______ ______
12,830 12,562
====== ======

Total Funds 2023 and 2022 relate wholly to Unrestricted Funds.

5. Net Income for the period

Net Income for the period
2023 2022
£ £
The net income for the period is stated after charging:
Auditor’s remuneration - Audit 780 720
- Accountancy & other 1,001 827
Trustees’/Directors remuneration Nil Nil
===== =====

6. Staff costs

The charity is administered by voluntary workers and there are, therefore, no staff costs incurred. Accordingly, no member of staff is paid more than £60,000 per annum.

7. Trustees' expenses

No trustee, nor any person connected with them, has received or is due to receive any remuneration for the year directly or indirectly from the charity's funds. Occasional low value reimbursements are made to trustees in respect of expenditures incurred on behalf of the charity, which expenses are reflected in note 4 above. (2023: 212; 2022: £119 ).

13.

ANIMALS IN SCIENCE – EDUCATION TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] DECEMBER 2023

8. Debtors

9. 2023
2022
£
£
Prepaid expenses and other debtors
881
1,374
Gift Aid debtor
-
-
__
____
881
1,374
=====
=====
Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and Sundry Creditors
2,106
1,823
=====
=====

10. Reconciliation of movement in shareholders' funds

Animals in Science – Education Trust, being a company limited by guarantee and a registered charity, has no shareholders; it is, therefore, inappropriate to include a reconciliation of the movement in shareholders' funds.

11. Share capital

Animals in Science – Education Trust is limited by guarantee and does not have a share capital.

12. Unrestricted Funds

All of the charity’s net assets are currently represented by unrestricted funds. This was also the situation for the 2022 year.

13. Contingent liabilities or commitments

In the opinion of the trustees, there were no contingent liabilities or legally binding commitments at 31[st] December 2023.

14. Related party transactions

There were no related party transactions in the year ended 31[st] December 2023.